DANNY VERVAECKE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DANNY VERVAECKE
Largest movements
- Receivables within one year +€1.6m
up €1.6m (+5,196%), from €30,615 to €1.6m
of which Other amounts receivable: +€1.5m
- Tangible fixed assets +€1.2m
up €1.2m (+173%), from €706,155 to €1.9m
of which Land and buildings: +€1.2m
- Current investments -€1.1m
down €1.1m (-34.3%), from €3.1m to €2.0m
- Cash +€536,363
up €536,363 (+402%), from €133,498 to €669,860
mainly Net result for the year (+€2.1m) and Current investments (+€1.1m)
- Reserves +€2.1m
up €2.1m (+59.2%), from €3.6m to €5.7m
of which Distributable reserves: +€2.1m
- Tax, wage and social debts +€183,534
up €183,534, from €0 to €183,534
- Financial income +€2.3m
up €2.3m (+2,893%), from €78,862 to €2.4m
- Taxes +€200,737
up €200,737 (+964%), from €20,823 to €221,560
- Financial charges +€63,584
up €63,584, from -€34,213 to €29,370
- Depreciation +€19,003
up €19,003 (+129%), from €14,764 to €33,767
- Gross operating margin +€7,560
up €7,560 (+34.9%), from €21,689 to €29,249
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,529,381 | €8,810,965 | +€2.3m | +34.9% |
| Fixed assets | 21/28 | €3,274,091 | €4,498,513 | +€1.2m | +37.4% |
| Tangible fixed assets | 22/27 | €706,155 | €1,929,462 | +€1.2m | +173% |
| Land and buildings | 22 | €607,305 | €1,855,320 | +€1.2m | +206% |
| Furniture and vehicles | 24 | €98,850 | €74,142 | -€24,708 | -25.0% |
| Financial fixed assets | 28 | €2,567,936 | €2,569,051 | +€1,115 | 0.0% |
| Current assets | 29/58 | €3,255,289 | €4,312,452 | +€1.1m | +32.5% |
| Amounts receivable within one year | 40/41 | €30,615 | €1,621,324 | +€1.6m | +5,196% |
| Trade receivables | 40 | €0 | €58,502 | +€58,502 | |
| Other amounts receivable | 41 | €30,615 | €1,562,822 | +€1.5m | +5,005% |
| Current investments | 50/53 | €3,069,256 | €2,016,504 | -€1.1m | -34.3% |
| Cash at bank and in hand | 54/58 | €133,498 | €669,860 | +€536,363 | +402% |
| Deferred charges and accrued income | 490/1 | €21,921 | €4,764 | -€17,157 | -78.3% |
| Total equity and liabilities | 10/49 | €6,529,381 | €8,810,965 | +€2.3m | +34.9% |
| Equity | 10/15 | €6,194,484 | €8,297,375 | +€2.1m | +33.9% |
| Contributions | 10/11 | €2,643,200 | €2,643,200 | = | 0.0% |
| Reserves | 13 | €3,551,284 | €5,654,175 | +€2.1m | +59.2% |
| Non-distributable reserves | 130/1 | €181,000 | €181,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €181,000 | €181,000 | = | 0.0% |
| Distributable reserves | 133 | €3,370,284 | €5,473,175 | +€2.1m | +62.4% |
| Amounts payable | 17/49 | €334,896 | €513,590 | +€178,694 | +53.4% |
| Amounts payable within one year | 42/48 | €305,623 | €491,999 | +€186,375 | +61.0% |
| Trade debts | 44 | €10,904 | €317 | -€10,587 | -97.1% |
| Suppliers | 440/4 | €10,904 | €317 | -€10,587 | -97.1% |
| Taxes, remuneration and social security | 45 | €0 | €183,534 | +€183,534 | |
| Taxes | 450/3 | €0 | €183,534 | +€183,534 | |
| Other amounts payable | 47/48 | €294,720 | €308,147 | +€13,428 | +4.6% |
| Accrued charges and deferred income | 492/3 | €29,273 | €21,591 | -€7,682 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,764 | €33,767 | +€19,003 | +129% |
| Other operating charges | 640/8 | €1,701 | €1,928 | +€227 | +13.4% |
| Gross operating margin | 9900 | €21,689 | €29,249 | +€7,560 | +34.9% |
| Operating profit (loss) | 9901 | €5,225 | -€6,446 | -€11,671 | |
| Financial income | 75/76B | €78,862 | €2,360,266 | +€2.3m | +2,893% |
| Recurring financial income | 75 | €78,862 | €2,360,266 | +€2.3m | +2,893% |
| Financial charges | 65/66B | -€34,213 | €29,370 | +€63,584 | |
| Recurring financial charges | 65 | -€34,213 | €29,370 | +€63,584 | |
| Profit (loss) for the period before taxes | 9903 | €118,301 | €2,324,451 | +€2.2m | +1,865% |
| Income taxes | 67/77 | €20,823 | €221,560 | +€200,737 | +964% |
| Profit (loss) for the period | 9904 | €97,478 | €2,102,891 | +€2.0m | +2,057% |
| Profit (loss) for the period to be appropriated | 9905 | €97,478 | €2,102,891 | +€2.0m | +2,057% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.